XCF Global Inc (NASDAQ:SAFX) saw its stock price soar by 130% following the company’s announcement of a nearly $1 billion investment to establish a network of Synthetic Aviation Fuel (SAF) production facilities both in the U.S. and abroad.
This major funding will boost XCF’s output capacity to around 160 million gallons annually by the end of 2028, through the addition of three newly acquired U.S. production sites. These new plants will complement the existing New Rise Reno facility, where the company has already invested about $350 million.
“We’re not simply dreaming about decarbonizing the aviation industry – we’re building it right now,” said Mihir Dange, CEO and Board Chair of XCF.
The expansion plan includes New Rise Reno 2, located next to the current operation and expected to be completed by 2027. Two more plants are planned for Ft. Myers, Florida, and Wilson, North Carolina, with targeted completion dates in 2028. Each site is designed for an annual production capacity of 40 million gallons.
XCF is also moving forward on the international front, having recently signed a Memorandum of Understanding with Continual Renewable Ventures to launch New Rise Australia. This project will leverage XCF’s patented site design to develop SAF and renewable diesel production capacity in Australia.
The company highlighted the rising global demand for SAF, noting that over 2 billion people live in countries with SAF blending mandates or incentives— a number projected to double by 2030.
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